Video games publisher Frontier Developments (LON: FDEV) published a trading statement showing revenues ahead of expectations. There was 3% growth in the second half and Panmure Liberum has raised its forecast revenues from £85.9m to £90m, compared with £89m the previous year. A loss had been expected, but this is now a pre-tax profit of £3.3m, although that includes a £3.5m gain on the sale of rights to one of its games. The share price rose 7.02% to 244p.
Peptide drug conjugates developer Avacta (LON: AVCT) has appointed David Bryant and Zeus founder Richard Hughes as non-executive directors. Yesterday, Avacta reported delays in its audit and results for 2024 have delayed to 4 June. The share price recovered 8.87% to 33.75p.
Shearwater Group (LON: SWG) subsidiary Brookcourt Solutions has become one of the first UK organisations to achieve certification against ISO 42001, the pioneering international standard for Artificial Intelligence Management Systems (AIMS). The share price increased 8.05% to 47p.
Mixed signal ASICs developer EnSilca (LON: ENSI) has established a new engineering hub in Cambridge, the fourth one in the UK. Six engineers have been recruited. The share price moved up 6.15% to 34.5p.
Engineering company Avingtrans (LON: AVG) revealed in an unexpected trading statement that has led to a profit upgrade. Although forecast revenues are unchanged at £161m, the pre-tax profit estimate has been raised from £6.5m to £8.1m due to the product mix and cautious forecasting. The share price improved 5% to 420p.
FALLERS
Diagnostics company Angle (LON: AGL) increased 2024 revenues by 31% to £2.9m, although the product mix and early discounts to pharma customers meant that gross margins declined. The loss was reduced by 29% to £14.2m after cost savings. Net cash was £10.4m at the end of 2024 with £2.3m of tax credits due, of which £1.4m have been received. The cash should last until the first quarter of 2026. There is uncertainty about timing of new deals that will help to further improve revenues. The share price lost its recent gains and is 18% lower at 8p.
Mosman Oil & Gas (LON: MSMN) has sold its interest in the Billy Goat lease to Desert Eagle in return for 5% of helium revenues from future production. Mosman Oi & Gas will no longer have to pay 100% of the first well as previously. There is no commitment for any additional spending. Cash will be spent on developing nearby interests. The share price dipped 6.1% to 0.0385p.
Jubilee Metals (LON: JLP) says trials on the Roan concentrator near Idola in Zambia show recoveries on waste of 65% copper. The production target is up to 40,000 tonnes of material per month at grades of up to 1.5%. The Munkoyo open pit is being drilled to define the resource. Non-core assets have been identified, and one has been sold for $12.3m payable over 12 months. The share price declined 8.14% to 3.95p.
Medical devices supplier Inspiration Healthcare (LON: IHC) reported results for the year to January 2025 in line with expectations. Revenues were slightly higher at £38.3m, while the loss increased from £600,000 to £2.2m. A return to profit is expected this year. The share price slipped 5.13% to 18.5p.